RTI Gap Insurance

All you need to know about RTI GAP

Click4Gap RTI is available whether you borrowed money from a bank or Motor Loan or paid cash, or even chose Contract Hire or a Leasing agreement.

Added Protection

If your car was paid for using a bank or finance house loan or simply paid cash or if you are leasing a car, RTI GAP insurance protects you against depreciation if your car's stolen and not recovered or damaged beyond economical or safe repair and your motor insurer declares it to be a total loss.

Get back the purchase value not just the loss value

If your motor insurer declares your car to be a "total loss" through accident, vandalism or theft, it's really important to understand that they typically only pay the loss value, the value of the car on the date it was declared a total loss not the invoice price (purchase value), what it was worth when you purchased GAP.

Now the good news! If this happens a Click4Gap Return to Invoice Gap Insurance policy will pay the discrepancy between the invoice price (purchase value) and the car's loss value... it's that simple!

To make certain the benefit due to you is fairly and independently calculated, like all responsible insurers Click4Gap uses the independent third party valuation of Glass's for correct purchase and loss valuations. Glass's Guide has been the motor and insurance industries principle car valuation service for almost 75 years. Like all responsible Gap providers, should the purchase value or loss be called into question, we would refer to the Glass's retail value.

Why do I need Return to Invoice Gap Insurance?

In the UK car crime is one third of all crime, with a vehicle being stolen every minute with a third never being recovered. A sad fact is that more than 500,000 vehicles are declared a total loss each year.

Motor Insurance settles the depreciated value, not the full purchase value.

From the moment you start driving your car its value is depreciating.

Insurance Companies can depreciate cars by up to 60% over a period of three years.

A car is stolen every minute of the day in the UK.

Each year over 500,000 vehicles are declared a total loss.

You pay the deprecation, not your motor insurer.

We Pay For What Your Insurance Company Does Not

If your motor insurer declares your car to be a "total loss" through accident, theft or vandalism, they will typically pay you the loss value, the value of your car on the date of loss not the purchase value, what the car was worth when you purchased GAP. In other words, your motor insurer doesn't pay the depreciation.

Now the good news! If your car is declared a total loss, Click4Gap Return to Invoice Gap Insurance will cover the depreciation, the difference between the cost of the car as stated on the invoice* (purchase value) and loss value of your car... it's that simple!

To make sure the benefit due to you is fairly and impartially calculated, like all responsible insurers Click4Gap undertakes to establish the independent third party valuation of Glass's for accurate purchase and loss evaluations. Glass's Guide has been the motor and insurance industries top car valuation service for nearly 75 years. As with all responsible Gap providers, should the loss value or purchase value be called into question, we turn to the Glass's retail value.

How Is My Car Valued?

If you bought your car from a vat registered motor dealer within 90 days of purchasing the GAP insurance policy, the purchase value is the cost of the car as shown on the invoice*. We're regularly asked what should be included in the purchase price of your car, here's a useful guide;

Do Include

Factory fitted extras if your car is new

VAT unless you are vat registered

Don't Include

Any discount

Added warranty charges or insurance premiums

Vehicle tax disc (vehicle excise license)

dealer fitted extras

delivery charges

* To ensure the benefit due to you is justly and impartially calculated, like all responsible insurers Click4Gap undertake to distinguish the third party valuation of Glass's for accurate purchase and loss valuations. Glass's Guide has been the insurance and motor industries leading car valuation service for almost 75 years. As with all responsible Gap providers, should there be any variation in the loss or purchase value, we refer to the Glass's retail value.

If you didn't buy your car from a vat registered motor dealer, you should again apply the above guide. In this instance we refer to Glass's trade valuation plus 5% at time of purchase.

Features

Available for New and Used Cars

Refunds up to £25,000

Covers cars up to...

£50,000

80,000 at inception (no mileage cap after inception)

7 years old at inception (no age cap after inception)

Available whether you paid using...

Cash

Motor loan

Personal Loan

Contract Hire

PCP

Lease

Benefits

Provides cover against financial loss when it's unsafe to repair the car, the cost of repair is greater than the pre-accident car loss value, the car has been stolen and not found and your motor insurer declares your car an insurance write-off/total loss

Great cover for both New and Used cars

Refunds depreciation

Protects your investment

Replace your car with one of a similar value.

Can cover you up to a maximum of £25,0000

There's no maximum mileage limit from the date of purchase

Cover available for up to a term length of four years

Cover is available to purchase up to 90 days after taking ownership of the car

21 days money back guarantee. Whatever the reason, you can cancel your Click4Gap policy within the first 21 days and we will refund you your premium in full

The Gap policy holder doesn't need to be the comprehensive insurance policy holder or the registered keeper, but they must be named on the motor insurance policy.

Cover can be transferred free for 90 days. Occasionally the car you ordered doesn't arrive, or the dealer needs to replace it on mechanical grounds. No problem, we will transfer the policy to your new car free of charge

Cover can be purchased for cars bought from a private individual or non-vat registered garages.

Your total loss is covered when it takes place within Great Britain, Northern Ireland, any of the Channel Islands, the Isle of Man, member countries of the European Union or any other country where an international motor insurance card (Green Card) in respect of the car is effective at the Date of Loss

Example

If we assume your car has been stolen or been in an accident and your car's damaged beyond safe or economical repair causing you to need to submit an insurance claim. In this case your motor insurer will declare the car to be a total loss.

Remember, normally the settlement they pay you will be calculated based on the value of your car when it is declared a total loss not what it was originally worth!

This is where gap insurance covers you. RTI GAP Insurance pays the depreciation, the difference in the loss value, which is the value of your car at time of accident or theft; and the invoice price (purchase value) - what it was worth originally.

Invoice Price (purchase price)

£6500

Value at the time of loss

£3600

RTI Gap benefit

£2900

Invoice Price (purchase price)

£14500

Value at the time of loss

£9400

RTI Gap benefit

£5100

Invoice Price (purchase price)

£22000

Value at the time of loss

£11700

RTI Gap benefit

£10300

RTI Gap pays the depreciation to YOU IN FULL!!

How Is My Car Valued?

If you bought your car from a vat registered motor dealer within 90 days of buying GAP cover, the purchase value is the price of the car as shown on the invoice*. We often get asked what should be included in the car purchase price, here's a useful guide;

Do Include

Factory fitted extras

VAT (unless you are vat registered)

Do not Include

Any discount

warranty costs or insurance premiums

vehicle tax disc

* To ensure the benefit due to you is impartially and fairly calculated, as with all reliable insurers Click4Gap undertake to identify the independent third party valuation of Glass's for correct purchase and loss evaluations. Glass's Guide has been the motor and insurance sectors leading car valuation service for 75 years. Your claim would not be rejected in the unlikely event that there should be any difference in the loss value or purchase price, instead the Glass's value will be applied instead.

If you didn't buy your car from a vat registered motor dealer, again you should apply the above guide. If this is the case we will refer to Glass's Guide trade value plus 5% at time of purchase.

About one million Gap policies are sold annually, until now you had no other option but to pay dealer prices.

We took the decision to offer Gap Insurance to you directly instead of through the Motor Dealer.

Now you can pay wholesale prices.

Legal Information

Return To Invoice (RTI) Gap Insurance Is Suitable For:

new and pre owned cars

cars less than 7 years old when the policy is purchased (no upper age limit after policy inception)

cars that have done less than 80,000 miles when the policy is purchased (no upper mileage limit after policy inception)

cars with a purchase value of under £50,000

cars purchased through a trade entity or privately

cars purchased within the last 90 days

cars used for private or business usage

cars purchased with cash or a personal bank loan

cars purchased using finance such as to Motor Loan, PCP and Personal Bank Loan, contract hire or any type of leasing agreement

Significant Benefits and Features

Provides cover against financial loss where it's unsafe to repair the car, the cost of a repair is larger than the pre-accident loss value, or the car has been stolen and not found and your motor insurer declares your car is an insurance write-off or total loss

Great cover for both New and Used cars

Covers depreciation

Protects your investment

Replaces Your Car with one of similar value.

Can pay you up to a total of £25,000

There's no maximum mileage restriction from the date of purchase

Cover available for a term length of up to 4 years

Cover can be purchased within 90 days after taking ownership of the car

21 day money back promise. Whatever the reason, you can cancel your policy within 21 days of purchase and we will refund your premium to you in full

The Gap policy holder doesn't have to be the registered keeper or even the comprehensive insurance policy holder, but they have to be named on the motor insurance policy.

Transfer the cover free for 90 days. Sometimes the car you have purchased doesn't arrive, or the dealer needs to replace it because of mechanical issues. No problem, we will transfer the cover to your replacement car at no extra cost

The comprehensive motor insurance policy covering the car does not have to be in your name.

Cover can be bought for cars purchased from private individuals or non-vat registered garages.

Your total loss is covered when it happens within Great Britain, Northern Ireland, the Isle of Man, the Channel Islands, member countries of the E.U. and any other country for which an international motor insurance card (Green Card) in respect of the car is in place at the time of loss

Is There Any Limitations On The Benefits?

The maximum claim payable under this policy is £25,0000

You are not able to claim on Gap Insurance if your motor insurer company gives the choice to replace the car with a new one

Gap Insurance can't be transferred to a different car or a new owner

If the motor insurers offer is accepted without our agreement we may refuse to handle your claim, grant no payment or calculate your claim using the Glass's Guide retail value on date of loss

If Gap Insurance is purchased over 21 days after the car is purchased we may alter the claim by any depreciation since the time the car was purchased

If you don't notify us within 30 days of the date of loss of the car, we may refuse to deal with your claim and may grant no payment under this policy.

if the car was purchased from a motor dealer, then any amount by which the invoice price of the car exceeds Glass's Guide retail value on the date the car was bought or the policy inception

where the car was purchased privately, any amount by which the declared value on the policy schedule exceeds the Glass's Guide trade value plus 5% on the date the car was purchased or policy inception

VAT if you are VAT registered.

any amount by which Glass's Guide retail value exceeds the motor insurance settlement at time of loss.

Any optional extras or modifications that were not fitted by the manufacturer

any claim if full and final settlement was not paid out under the motor insurance

Please see "What is Not Covered" section of the policy for a full list of exclusions

Additional Cover:

By paying a small additional premium, you can also upgrade the cover to pay your motor insurer's excess, in the event of a valid claim, up to a maximum of £500. This benefit applies from 90 days after the policy inception date.

Significant Exclusions

We do not cover Commercial vehicles, Vans, car derived vans and motor cycles

Cars classed as category A, B, C, D, F or X total loss before the start of the policy

Cars without a valid tax disc and, if the car is over three years old, a valid MOT

Business mileage, but business use does not prevent your car from being insured under this policy

Cars used for hire or reward purposes, haulage, delivery courier, driving school, competition, racing, pace making, reliability trials or off road, speed testing or cars used by an entity formed for the purposes of servicing or selling motor vehicles

Extra costs including but not limited to dealer fitted extras, motor insurance, or motor insurance excess

If the car was being driven by someone who does not hold a valid driver's licence; or who is not covered under a comprehensive motor insurance policy; or are under the influence by alcohol (as defined by legal limits); or drugs not prescribed by a registered medical practitioner; or if the car is being driven illegally. (This does not apply if the person driving has been reported to the police for taking the car without your permission)

Grey imports, invalid carriers, any American make of vehicle unless manufactured as right hand drive for the UK market and cars not shown in Glass's Guide,

In the unlikely occurrence the loss or purchase value is called into question, we will refer to the Glass's Guide retail value. If you bought your car privately or from a motor dealer not registered for vat, we will refer to the Glass's trade value plus 5% at time of purchase.

Any total loss total where it is economical to fix the car to a safe and roadworthy condition

For a full list of exclusions, please see the section of the policy documents titled What is not Covered

What Happens If You Take Out A Policy And Then Change Your Mind?

If after purchasing a Gap policy you decide not to proceed, you have 21 days to cancel from the date you bought Gap Insurance. We'll refund the premium paid in full. After this time if you wish to cancel your Gap policy you will not be entitled to any refund of premium.

How Long Does The Cover Run For?

The policy will automatically terminate when a claim is settled, or when you dispose of or sell the car. However, if you sell the car in the first 90 days, on your instructions the Gap Insurance can be transferred to a new car of the same value or less.

Would I Get Any Compensation If The Insurer Were Unable To Meet their Liabilities?

If the Insurer is unable to meet its responsibilities your policy is covered by the FSCS, Financial Services Compensation Scheme. Further information about compensation scheme arrangements can be found at www.fscs.org.uk, by emailing enquiries@fscs.org.uk or by phoning the FSCS on 0207 892 7300.

Regulatory Information

This Gap Insurance cover is provided to you by Click4Gap (a trading name of Future45 Ltd) who are authorised and regulated by the F.C.A (Financial Conduct Authority) 461102. You can check this on the FCA's Register by going to the FCA's website or by calling the FCA on 0845 606 1234.

We have selected Direct Group Limited to deal with all administrative matters relating to this policy, Direct Group Limited is authorised and regulated by the Financial Conduct Authority. Registered office: Quay Point, Lakeside Boulevard, Doncaster, South Yorkshire, DN4 5PL. Financial Services Register number: 307332. Company number: 2461657. Registered in England & Wales.

Red Sands Insurance Company (Europe) Limited is licensed and regulated by the Gibraltar Financial Services Commission under the Financial Services (Insurance Companies) Act 1987. It is a member of the UK's Financial Services Compensation Scheme, Financial Ombudsman Scheme and The Association of British Insurers. (Company No. 87598)